According to the IRS instructions for Form 1098, a cooperative housing corporation is an interest recipient and must file Form 1098 to report an amount received from its tenant-stockholders that represents the tenant-stockholders' proportionate share of interest described in section 216(a)(2). This rule applies only to tenant-stockholders who are individuals and from whom the cooperative has received at least $600 of interest during the year.
Unlike condo owners, co-op owners own shares in the corporation, allowing them to deduct these expenses on their personal tax returns.
To answer the questions in the Form 1098 section of TurboTax:
- On the page "Do any of these situations apply?" choose "Our names are not on the 1098."
- Enter the Coop Name and Address.
- Enter your portion of the mortgage interest, adjusted for any patronage dividends if applicable.
- Enter your portion of the outstanding mortgage principal (or estimated).
- Enter the mortgage origination date (or the date you moved in).
- It is the most recent version of Form 1098, it's not a refinance, and you've used it exclusively for your primary home (if that's the case).
Contact the issuer if you have any questions about the entries on the Form 1098.
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